OpenAI Setback No Match For FET’s 160% Surge: Time To Invest In AI?
20 Novembre 2023 - 8:00PM
NEWSBTC
The Artificial Intelligence (AI) sector in the crypto space has
enjoyed one of the most prominent rallies despite the debacle with
OpenAI. The company behind ChatGPT fired one of its founders and
CEO, Sam Altman, sparkling downside pressure for AI-based tokens,
such as FET. Related Reading: Altcoin Corrections Signal Strong Buy
Opportunities: Crypto Analyst The native token for Fetch.ai, FET,
has been trending to the upside following the general market
sentiment. Over the past month, the cryptocurrency recorded a 160%
rally, and it’s poised for further profits as it breaches critical
resistance levels. OpenAI Controversy Adds Fuel For FET’s Rally
Data from Coingecko indicates that FET’s bullish momentum took a
hit last week as news about Sam Altman leaving OpenAI broke. The
token has been moving with any development from the broader AI
sector, and the uncertainty surrounding this company has impacted
its performance on low timeframes. Over the weekend, FET regained
its bullish momentum and reclaimed territory, extending a more
significant rally. In that sense, a pseudonym trader looked into
FET’s potential target as the cryptocurrency continues “its rally
without a dip.” In the past week, FET breached the resistance at
$0.56, targeting its 2022 highs, as seen in the chart below. If the
bullish momentum continues, the token could rise to its 2021 highs
between $0.70 and $0.90. FET Rally Could End In Massive Correction
Our Editorial Director and analyst, Tony Spilotro, has been bullish
on FET’s trajectory. The analyst believes FET could rise 2x to 4x
before losing steam and re-visiting support. In the past, whenever
the token followed a similar trajectory, printing a buy signal
above the monthly Bollinger Band, as Spilotro stated, FET corrected
by an impressive 80%. Thus, the analyst recommended new investors
to tread carefully. Spilotro said: (…) its safe more than likely to
buy FET at such levels, so long as you have a plan to get out
before the next 70+% correction happens. Otherwise, price could
retrace back to your entry here. Be smart and don’t expect the
rally to go on forever. Related Reading: Argentina Welcomes First
Pro-Bitcoin President, BTC Price Surges Above $37,000 Today,
Microsoft announced the hiring of Sam Altman to spearhead a new AI
division. The company will commit to providing resources for the
new division, which could ignite a new bull era for AI and AI-based
tokens. Cover image from Unsplash, chart from Tradingview
Fetch (COIN:FETUSD)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Fetch (COIN:FETUSD)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024